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Old 01-22-2013, 03:03 PM   #1
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Join Date: Jun 2007
Location: Alberta
Posts: 5,514
Default THQ bankruptcy auction today, selling off assets

Time's up for THQ. After two years of battling against the tide, the company has declared itself bankrupt and its assets have been stripped off for sale.

The beleaguered publisher initially hoped to decide how it would go into that good night, and it agreed to sell all its business to investment firm Clearlake.
But luck hasn't been with THQ at its darkest hour. A bankruptcy judge ruled that Clearlake was allowed to buy the publisher for an agreed $60 million - but not before the rest of the world has a chance to bid on the company's assets too.

So the games industry has, behind closed doors, been putting cash down on individual THQ assets. Warner Bros, EA, Ubisoft and even Double Fine are among the numerous companies that have shown an interest.

Time's up. The bidding deadline - 9am Eastern Time on January 22 - has just passed. Later today, at 3pm ET, all THQ's assets will be put on the table, the highest bidder will be declared and a second auction will take place to see if any more can be made out of them.

The outcome will formally be announced tomorrow, though some news could leak out later today. The deal is highly complex because each individual asset sale must be added together and the total must be greater than the $60 million Clearlake is offering. If it isn't, then Clearlake cleans up for the agreed sum. But if Clearlake is outbid, then all individual assets go to their highest bidder. However, Clearlake then has a chance to increase its bid - by which point the whole bidding process will become even highly complex, calculated and competitive.

It'll be interesting to see what comes of all this, hopefully the studios under THQ come out of this ok.

Last edited by Kungfro : 01-22-2013 at 03:06 PM.
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